- GBP/USD rebounds towards 1.3900 amid UK-India trades, risk reset.
- Bull cross and 50-HMA support fuels the renewed uptick in the spot.
- Hourly RSI holds bullish ahead of the UK and US macro updates.
GBP/USD is bouncing back towards the 1.3900 threshold amid a recovery in the risk sentiment, which seemingly caps the pullback in the US dollar.
Traders now await the UK Final Manufacturing PMI and US Factory Orders data for fresh directives.
From a near-term technical perspective, the cable has held on to the 50-hourly moving average (HMA) at 1.3870 so far this Tuesday.
The abovementioned key support once again came to the rescue of GBP bulls, as the major sees a solid bounce.
The bull cross on the hourly chart, as represented by the 21-HMA cutting above the 200-HMA, adds credence to the renewed uptick alongside a bullish Relative Strength Index (RSI).
GBP/USD hourly chart
Immediate resistance awaits near 1.3895, the confluence of the 21 and 200-HMAs.
The horizontal 100-HMA at 1.3901 will guard the upside.
Alternatively, a fresh leg towards 1.3850 cannot be ruled out if the 50-HMA support caves in.
Monday’s low at 1.3831 will be next on the sellers’ radars.
GBP/USD additional levels to watch
|Today last price||1.3885|
|Today Daily Change||-0.0024|
|Today Daily Change %||-0.17|
|Today daily open||1.3909|
|Previous Daily High||1.3932|
|Previous Daily Low||1.3801|
|Previous Weekly High||1.3976|
|Previous Weekly Low||1.3803|
|Previous Monthly High||1.4009|
|Previous Monthly Low||1.3669|
|Daily Fibonacci 38.2%||1.3882|
|Daily Fibonacci 61.8%||1.3851|
|Daily Pivot Point S1||1.383|
|Daily Pivot Point S2||1.375|
|Daily Pivot Point S3||1.3699|
|Daily Pivot Point R1||1.3961|
|Daily Pivot Point R2||1.4012|
|Daily Pivot Point R3||1.4091|
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